Crypto Bettors Flock to Polymarket for Paris Olympics Wagers

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Decentralized prediction platform sees surge in betting activity as 2024 Games begin, with millions in crypto staked on medal counts, individual sports, and even unconventional matchups between presidential candidates.

As the 2024 Paris Olympics kick off with a spectacular opening ceremony, the crypto-powered prediction market Polymarket is experiencing a surge in betting activity. The platform has introduced a dedicated “Olympics” category to accommodate the influx of wagers on the world’s premier sporting event.

Crypto enthusiasts and sports fans alike have already placed a staggering $1.2 million in bets predicting which nation will clinch the most medals overall. Close behind, $1.1 million has been wagered on the country expected to secure the highest number of gold medals. The United States emerges as the favorite, with $168,711 staked on its potential dominance.

Individual sports are also attracting significant attention. Men’s and women’s basketball gold medal markets have drawn $355,000 and $101,000 in bets, respectively. Soccer and various swimming events follow in popularity.

While most wagers focus on team performances, a select few individual athletes have captured bettors’ interest. American swimming sensation Katie Ledecky and Spanish tennis icon Rafael Nadal are among the few named competitors, with users speculating on their potential gold medal hauls.

Polymarket’s appeal extends beyond traditional sports betting. The platform, which operates on the Ethereum and Polygon blockchains, allows users to wager on a wide array of outcomes, from political events to pop culture moments.

The upcoming U.S. presidential election has sparked particular interest, driving a significant increase in trading volume this month. In an unusual twist, a politically-themed bet has found its way into the Olympics category. Dubbed the “Staircase Olympics,” this unconventional wager pits Joe Biden against Donald Trump in a hypothetical race up airplane stairs, based on future video footage.

As the Games progress, Polymarket’s Olympic markets are likely to evolve, offering crypto enthusiasts and sports fans alike a unique way to engage with the event through decentralized prediction markets.